ICE Clear Europe
From MarketsWiki
ICE Clear Europe is the wholly-owned European clearing house of IntercontinentalExchange (ICE). On May 13, 2008 ICE Clear Europe received recognition from the UK Financial Services Authority (FSA) as a Recognised Clearing House, following HM Treasury approval and an Office of Fair Trading review.[1]
ICE Clear Europe was formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. Based in London, it expects to begin operating in July 2008. ICE plans to transition all of its energy futures and OTC derivatives business to ICE Clear Europe at that time.
ICE announced in October of 2007 that it had appointed JPMorgan Treasury & Securities Services (JPMorgan TSS) as consolidation bank for ICE Clear Europe. The agreement said JPMorgan TSS would provide multi-currency payments, global custody and additional securities services, in addition to putting into place a cash investment program for ICE Clear Europe. Also under the agreement, ICE Clear Europe and JPMorgan TSS would develop jointly the Assured Payment Service (APS) which would allow clearing members to choose where they hold their bank accounts and would initiate payments for clearing members at a predetermined time.
News
- On July 7, 2008 ICE Clear Europe announced that it had reached consensus with LCH.Clearnet (LCH) on the technical issues to facilitate the movement of all ICE Futures Europe and ICE OTC trading positions from LCH to ICE Clear Europe. ICE expected the transition of clearing to ICE Clear Europe to occur during the month of August 2008.
- ICE Clear Europe said on July 7, 2008 that since its recognition by the FSA on May 12, 2008, it had received membership applications from 47 clearing firms and the transfer of 100 percent of the open positions established at ICE Futures Europe and ICE OTC from LCH to ICE Clear Europe has been facilitated (effective at transition).[2]
- ICE Clear Europe on July 15, 2008 announced that it had reached an agreement with LCH.Clearnet (LCH) and members on the transition date for the movement of all ICE Futures Europe and ICE over-the-counter (OTC) trading positions from LCH to ICE Clear Europe. The transition would occur over the weekend of Sept. 13-14, 2008. Existing futures and OTC clearing arrangements between ICE and LCH would remain unchanged until the transfer was complete. ICE Clear Europe had previously announced that the transition date was expected to occur in the month of August, but that was subject to further consultation with LCH and clearing members.[3]
References
- ↑ "ICE Clear Europe Named Recognised Clearing House by FSA". Intercontinental Exchange. Retrieved on May 13, 2008.
- ↑ Press Release. Intercontinental Exchange. Retrieved on July 7, 2008.
- ↑ Press Release. Intercontinental Exchange. Retrieved on July 16, 2008.
